Since the end of the recession, Kibel pointed out, REITs have been able to access multiple capital sources, including bank, bond and preferred markets at historically low rates that have lengthened their debt maturity profiles while also boosting earnings and fixed-charge coverage ratios.

"For the remainder of 2013, we are less concerned about liquidity than we are about the REITs' core earnings strength and their ability and willingness to maintain solid credit metrics," said Kibel.

While construction levels generally remain near cyclical lows, new construction is picking up in some markets, particularly in the industrial, retail outlet and multifamily sectors, according to Moody's.